Argentina's YPF prioritizes debt refinancing in 2017

YPF, Argentina's state-controlled energy firm, will prioritize
refinancing its existing debt and lowering its interest
payments in 2017 after an active year in the global capital
markets, the company's chief financial officer told
LatinFinance.

YPF has
sold benchmark bonds
this year in
pesos
,
dollars
and
Swiss francs
, prefunding most of its requirements for 2017, Daniel
González said in an interview.

"We are done for 2016 and now we are working towards a free
cash flow," he said. "It is not about increasing debt, but
rather refinancing, extending tenors and reducing interest rate
payments."

YPF’s investment plans for next year are primarily
concentrated in oil and gas exploration and production, along
with downstream activities, although at a "slower pace" than
this year, González said.

The company will also invest in power generation projects. It
has asked the Inter-American Investment Corporation (IIC) to
arrange up $200m in financing for the
Manantiales wind farm
in the southern province of Chubut. According to the IIC, the
financing could include a nine-year A loan for $100m and a
seven-year B loan for another $100m.

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